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24347 Quick Insight

Sep 14, 2014

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Committee for Capacity Building of CA Firms and Small & Medium Practitioners

The Institute of Chartered Accountants of India(Set up by an Act of Parliament) New Delhi

COMMITTEE FOR CAPACITY BUILDING OF CA FIRMS AND SMALL & MEDIUM PRACTITIONERS (CCBCAF & SMP)O V E R V I E W

he Committee for Capacity Building of CA Firms and Small & Medium Practitioners is a non-standing Committee of the Institute of Chartered Accountants of India formed under regulatory provisions of The Chartered Accountants Act, 1949. This Committee was formed in the month of February, 2010 under nomenclature Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF & SMP) by combining previously formed Committees, Committee for Capacity Building of CA Firms and Committee for Small & Medium Practitioners. Initially, Committee for Capacity Building of CA Firms was thought to establish for facilitating consolidation and capacity building of CA firms in order to address various problems faced by CA firms and to conceptualize and implement various means for strengthening their capacity as well as providing comprehensive guidelines for consolidation of CA firms. Similarly, Committee for Small & Medium Practitioners was formed in 2009 to empower Small & Medium Practitioners to assimilate and apply ways for carrying out their profession in efficient manner. Thus the ultimate objective of the Committee is to strengthen CA firms as well as Small & Medium Practitioners to rejuvenate their practice portfolio. Bearing above objective, the prime duty of the Committee is to create awareness amongst CA firms on capacity building through consolidation by networking, merger & setting up management consultancy services firm and popularizing the concept of union by arranging workshops,

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symposia and summit on the benefits of consolidation and endurance to better accounting, auditing and ethical standards. The Committee assists Small & Medium Practitioners in improving their visibility amongst the business community and also attempts to create additional professional opportunities for them. In tune to vision of ICAI which is The Indian Chartered Accountancy Profession will be the valued trustees of world class financial competencies, good governance and competitors, the Committee has its motto for Capacity Building of Indian CA firms through consolidation and empowering small & medium practitioners by developing and upgradation of their professional competence. Accordingly, the Committee has following issues to deal with;n

Preparation of code for consolidation of CA firms. Identifying means and ways for empowering SMPs. Upgrading and updating the knowledge and skills set on standard practice. Developing practice areas for SMPs. Identifying role of SMPs in emerging areas. Developing technical material to facilitate practice in new areas of profession. Facilitation on IT savvy office management and audit tools for CA firms & SMPs.

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Presidents Message

CA. G. Ramaswamy President, ICAI

Dear Professional Colleagues, I am delighted to know that the Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF&SMP) of the ICAI has taken initiative to publish a Quick Insight for the Chartered Accountants which would be circulated among the CA Firms. The professional firms in the SAFA region being predominantly Small and Medium sized Practices (SMPs), their values and perspectives on the South Asian Accounting and Auditing Profession impacts a significant dimension. SMPs, being relatively more vulnerable to practice risks, need to ensure proper management of professional risk through quality assurance of their services. The membership profile of ICAI is also predominantly comprised of SMPs. In cognizance of this issue, the ICAI has formulated several initiatives, policies and programmes designed to strengthen the SMPs in enhancing their technical expertise, competence and quality assurance of their services. Keeping this objective in view, the Committee for Capacity Building of CA Firms and Small & Medium Practitioners has decided to publish this Quick Insight. The Quick Insight will provide important information on various areas concerning the profession like tax, accounting & auditing standards, LLP, MCS & other services, list of mandatory statements and standards on Audit as well as the information on important forms related to students. I am sure that this publication Quick Insight for Chartered Accountants would serve as an informative and useful medium for all its users who shall be able to receive information on a broad spectrum in the areas of professional relevance. I congratulate CA. Vijay K. Garg, Chairman-CCBCAF & SMP for his efforts in bringing out the said booklet. Best Wishes CA. G. Ramaswamy President, ICAI

Vice-President's Message

CA. Jaydeep Narendra Shah Vice President, ICAI

My Dear Professional Colleagues, I am pleased to note that the Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF&SMP), ICAI has prepared a Quick Insight on CA profession with the aim of enhancing the knowledge base of the CA Practitioners and enriching them with latest updates on various emerging areas of the profession. The Institute of Chartered Accountants of India is committed to make constant effort to facilitate the Chartered Accountants to face and take advantage of the existing competitive environment. To enable the Chartered Accountants to compete in the dynamic global environment, it is imperative that they are provided with relevant knowledge & information useful for the profession. The Quick Insight will contain important information on Tax, Accounting & Auditing Standards, LLP, MCS & other services, list of Mandatory Statements and Standards on Audit as well as information on important forms related to students. Members may refer to the Quick Insight for latest and updated information on matters pertaining to the profession for their daily use in day to day basis. I place on record my appreciation for the dedicated and untiring efforts put in by CA. Vijay K. Garg, Chairman-CCBCAF&SMP in bringing out this Quick Insight. I hope that this Quick Insight greatly benefits the CA fraternity.

CA. Jaydeep N. Shah Vice President, ICAI

Chairman's MessageDear Members, I feel great pleasure at the initiative of the Committee for Capacity Building of CA Firms and Small & Medium Practitioners to bring out a publication namely Quick Insight on CA profession which will be circulated to the all Chartered Accountants Firms. Small & Medium Practitioners (SMPs) have important role in domestic market and they cater majority of professional work of middle class business clients in all developing nations. Through consolidation amongst themselves SMPs may grow into bigger professional team having multi-location presence. Today SMPs no longer operate only in their domestic jurisdictions, it is imperative to strengthen the small and medium Indian CA firms who provide a broad range of professional services spanning audit, assurance, accounts preparation, financial management. The Quick Insight is a booklet which will provide the practitioners with the relevant information useful for day to day operational activities of their firms. It compiles important information on various Tax Compliance, Accounting & Auditing Standards, LLP, MCS & other services, list of Mandatory Statements and Standards on Audit as well as information on important forms related to students, to assist the members in quick delivery of services. The Quick Insight has been put together through the selfless efforts of CA. Pramod Kumar Boob, CA. Gyan Chand Jain, CA. K.L. Jhanwar, CA Dinesh Kumar Jain & CA. Ashok Kumar Jain who have drawn on years of valuable professional experience to present it in the best possible way. I also appreciate the efforts put in by the Members of CCBCAF & SMP for their valuable inputs for finalizing this Quick Insight. CA. Vijay Kumar Garg Chairman Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI

Vice-Chairman's MessageDear Members, I take great pleasure in the initiative of the Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF&SMP), ICAI to bring out a Quick Insight for the practicing Chartered Accountants for their easy reference on matters of the profession. The Committee for Capacity Building of CA Firms and Small & Medium Practitioners is committed to the cause of the Small & Medium Practitioners. Considering the competition faced, prospective clients need, demographics and market trends, the Committee has taken this initiative to provide a Quick Insight which compiles important information on Tax, Accounting & Auditing Standards, LLP, MCS & other services, list of Mandatory Statements and Standards on Audit as well as information on important forms related to students. The Quick Insight will be sent to all the Chartered Accountants Firms. The practitioners may refer to the Quick Insight for the solution to the most of the professional query faced by them. It will also enrich them with the latest information on various emerging areas of the profession. I hope that the Members will be greatly benefitted by using the Quick Insight. CA. Atul Chunilal Bheda Vice-Chairman Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI

TAX STRUCTURE AY BASIC EXEMPTION Upto 300000 Next 200000 Upto 500000 Next 300000 Upto 800000 Rest Surcharge (if net income exceeds Rs. 10 lac ) Edu. Cess & SHE Cess Basic Exemption: Super Senior Citizen (80 yrs & above) Senior Citizen (60 yrs or more) (65 yrs till